Quarterly report pursuant to Section 13 or 15(d)

EQUITY

v3.2.0.727
EQUITY
6 Months Ended
Jun. 30, 2015
Equity [Abstract]  
EQUITY
EQUITY
The following table shows the reconciliation of the carrying amount of stockholders’ equity attributable to Live Nation, equity attributable to noncontrolling interests, total equity and also redeemable noncontrolling interests for the six months ended June 30, 2015:
 
Live Nation
Stockholders’  Equity
 
Noncontrolling
Interests
 
Total
Equity
 
Redeemable
Noncontrolling
Interests
 
(in thousands)
 
(in thousands)
Balance at December 31, 2014
$
1,296,954

 
$
186,893

 
$
1,483,847

 
$
168,855

Non-cash and stock-based compensation
17,562

 

 
17,562

 

Common stock issued under stock plans, net of shares withheld for employee taxes
(5,321
)
 

 
(5,321
)
 

Exercise of stock options
13,015

 

 
13,015

 

Acquisitions

 
17,069

 
17,069

 
74,911

Purchases of noncontrolling interests
(4,819
)
 
(3,233
)
 
(8,052
)
 

Sales of noncontrolling interests
2,142

 

 
2,142

 
147

Redeemable noncontrolling interests fair value adjustments
(6,993
)
 

 
(6,993
)
 
6,993

Cash distributions

 
(9,178
)
 
(9,178
)
 
(192
)
Other

 
(513
)
 
(513
)
 
53

Comprehensive loss:
 
 
 
 

 
 
Net loss
(43,223
)
 
2,131

 
(41,092
)
 
(5,222
)
Realized loss on cash flow hedges
25

 

 
25

 

Change in funded status of defined benefit pension plan
113

 

 
113

 

Foreign currency translation adjustments
(18,059
)
 

 
(18,059
)
 

Balance at June 30, 2015
$
1,251,396

 
$
193,169

 
$
1,444,565

 
$
245,545



Accumulated Other Comprehensive Income (Loss)
The following table presents changes in the components of AOCI, net of taxes, for the six months ended June 30, 2015:
 
Gains and Losses On Cash Flow Hedges
 
Defined Benefit Pension Items
 
Foreign Currency Items
 
Total
 
(in thousands)
Balance at December 31, 2014
$
(25
)
 
$
(581
)
 
$
(69,404
)
 
$
(70,010
)
Other comprehensive income (loss) before reclassifications

 
113

 
(18,059
)
 
(17,946
)
Amount reclassified from AOCI
25

 

 

 
25

Net other comprehensive income (loss)
25

 
113

 
(18,059
)
 
(17,921
)
Balance at June 30, 2015
$

 
$
(468
)
 
$
(87,463
)
 
$
(87,931
)

The realized loss on cash flow hedges reclassified from AOCI consists of one interest rate swap agreement that expired on June 30, 2015.
Earnings Per Share
The following table sets forth the computation of basic and diluted net income (loss) per common share:
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2015
 
2014
 
2015
 
2014
 
(in thousands except share and per share data)
Net income (loss) attributable to common stockholders of Live Nation
$
15,056

 
$
22,934

 
$
(43,223
)
 
$
(9,514
)
Accretion of redeemable noncontrolling interests
(3,105
)
 
(460
)
 
(6,993
)
 
(2,504
)
Net income (loss) available to common stockholders of Live Nation—basic and diluted
$
11,951

 
$
22,474

 
$
(50,216
)
 
$
(12,018
)
Weighted average common shares—basic
200,767,811

 
198,701,762

 
200,463,314

 
198,282,044

Effect of dilutive securities:
 
 
 
 
 
 
 
        Stock options and restricted stock
8,010,778

 
7,287,509

 

 

Weighted average common shares—diluted
208,778,589

 
205,989,271

 
200,463,314

 
198,282,044

Basic and diluted net income (loss) per common share available to common stockholders of Live Nation
$
0.06

 
$
0.11

 
$
(0.25
)
 
$
(0.06
)

Basic net income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. The calculation of diluted net income (loss) per common share includes the effects of the assumed exercise of any outstanding stock options, the assumed vesting of shares of restricted stock awards and the assumed conversion of the convertible senior notes where dilutive. The following table shows securities excluded from the calculation of diluted net income (loss) per common share because such securities are anti-dilutive:
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2015
 
2014
 
2015
 
2014
 
(in thousands)
Options to purchase shares of common stock
3,075

 
5,108

 
16,657

 
17,755

Restricted stock awards—unvested
242

 
715

 
1,047

 
1,770

Conversion shares related to the convertible senior notes
7,930

 
16,035

 
7,930

 
16,035

Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding
11,247

 
21,858

 
25,634

 
35,560